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May global benzene contracts see mixed settlements
HOUSTON, April 28, 2017 (PCW) – Global benzene contract prices posted mixed results as spot values and crude slumped.
The US May benzene contract price saw its seventh consecutive split settlement of 269 cpg ($804/mt) and 270 cpg ($807/mt) DDP HTC, down 1-3 cpg ($3-9/mt) from April.
The Asia Contract Price for May settled at $790/mt (264 cpg) CFR Asia, down $5/mt from the Apr settlement. Europe, however, was seen up €9/mt at €754/mt ($820/mt or 274 cpg) CIF NWE.
During the month, Asian spot prices fell $50/mt (16.7 cpg), or 6.2%, while European values were down $5/mt (1.7 cpg), 0.6%. US benzene spot prices fell 19 cpg ($57/mt) or 6.8%. Brent, meanwhile, shed $1.68/bbl, or 3.2%.
Softer benzene values are in line with increased maintenance activity in both Europe and Asia at several downstream plants, resulting in lower feedstock demand. Europe’s supply/demand situation was seen as somewhat tighter with some shipping sources pointing to lower Rhine levels, which would hamper imports.
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